GBPJPY is approaching its support 146.98 (100% Fibonacci extension, 38.2% Fibonacci retracement, horizontal overlap support) where price could rise to its resistance at 148.53 (61.8% Fibonacci retracement, horizontal overlap resistance).
Stochastic (89, 5, 3) is approaching its support at 4.3% where a corresponding bounce could occur.
Nice swingtrade opportunity. Wait for a little pullback on lower timeframe to get in. ----> C-waves are impulsive so we will see a 5 waves structure down.
Potential trend reversal in progress as price rejected off daily highs, leading with a bearish engulfing close. Price rejected 147.500 weekly resistance with a pin bar on the weekly timeframe, showing that sellers may be stepping back into the market to push price lower.
Get ready for a GBPJPY sell as price reject top of equidistant channel.
Key resistance around 148.10.
This trade, along with other GBP trade, will be traded in Copy our Robot.
For past 2 months, Copy our Robot is up about 400 pips each month.
GJ is showing a change of momentum despite the big fall on Friday. I read a elliot wave impulse cycle where it should form wave 5 followed by ABC correction to start a new trend.
Currently forming Higher Highs and Higher Lows, respecting fib levels. I estimate a 400 if not more pips in the next week or two.
Please not: Price may consolidate a little from where ...
#GBPJPY has shown some some great moves on the upside, as per my previous GJ analysis that went spot on , congrats on whoever took it.
Currently I see , GJ has broken the downtrend channel and heavily rejected the zone at 149.800. I am expecting a retest of the pivot point and the pair to drop to my targets. On the Contrary, if the pivot point is broken and we ...
Good morning traders,
GBPJPY is moving sharply to the upside and even accelerating above 146.00 that we see now as ongoing five wave move within wave C. As such, there is a room for 149.00 where three wave corrective recovery from August low can come to an end. That said, at the moment we see sub-wave iv of C looking for support, ideally near the Fibonacci ratio ...
The Congestion Opportunities Strategy has just sold GBPJPY at 149.22. The system recommends entering this trade at any price between 148.912 and 149.528. The signal was issued because the 28-hour Relative Strength Index indicates that the GBPJPY may be overbought, while the Speculative Sentiment Index reading of -1.476 indicates that trader sentiment is not at ...
GBPJPY rallied very sharply past few days back, breaking out the short term downtrend line, price action is so far retesting this trend line, with signs of compression, momentum is supporting the view as well so I am dipping my toe into the water to see if it works for me. Watch this market carefully.
Trade Safe!
All GBP pairs tumbled as PM May announced that a no deal in Brexit negotiations is better than a bad deal.
GBPJPY broke a downtrend line but also met some resistance at 149.70 and reversed from there. It is now trading at 147 area. Let us see if we will get a retest of broken structure. If price doesn't break through the lower red box, look to buy.
Aggressive ...
Higher high made, price has hit resistance & is starting to pullback. Will watch for price to retest previous resistance as new support & create a higher low to build momentum & make a new higher high.
